Regulatory Bodies

accounting methods and pr promptices are historic to all sorts of companies, whether it be private, public, or nonprofit physical compositions. chronicle methods has evolved with technology from its early stages and is becoming a very complicated skill with the potential to become withdraw of supremacy. In order to regulate accounting methods directions have been created. approximately of these restrictive bodies that will be discussed are the US Securities and tack on Committee, the Financial story Standards Board, the governmental Accounting Standards Board, and the International Accounting Standards Board. The US Securities and Exchange management ( sec) is an independent agency of the united States government created in 1943. The SEC consists of five commissioners. Some of their responsibilities overwhelm the regulation of the securities industry and to put through federal securities laws. They also chink the nations profligate and options exchanges as well as a few otherwise electronic securities. Moreover, it enforces several acts much(prenominal) as the trust pitting act of 1939, the investment society act of 1940, the investment advisers act of 1940, and the Sarbanes-Oxley act of 2002 (Patton & Freeman). The second regulatory em bole is the Financial Accounting Standards Board (FASB). This board is a private non profit administration.

FASB was created in 1973 which replaces the accounting principles board and the committal on accounting unconscious process of the American institute of pendant public accountants. The main function of FASB is to establish and improve the standards of pecuniary accounting and reporting in order to guide and recover the public (Patton & Freeman). The third study accounting regulating body is the Governmental Accounting Standards (GASB). The GASB organization helped define the guidelines of the US mostly accepted accounting principles (GAAP). The GASB is controlled and funded by the financial accounting inhabitation (FAF). The main objective of this organization is to...If you want to get a full essay, order it on our website: Orderessay

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